Claude is 45 years old and married to Thelma who is 43 years old in 2020....
Claude is 45 years old and married to Thelma who is 43 years old in 2020. They file jointly for 2020 and their AGI is $150,000. They have the following expenses in 2020.
Mortgage Interest - $12,000
Medical Expenses $3,000
Real Estate Taxes $7,000
State and Local Income Taxes - $5,000
Charitable Contributions - $2,000
Should Claude and Thelma take advantage of itemized deductions in 2020? Explain.
Homework Answers
| Itemized deduction vs Standard deduction | |
| Particulars | $ |
| Mortgage interest | $ 12,000 |
| Medical expenses | $ - |
| Real estate taxes | $ 7,000 |
| State & local icnome taxes | $ 5,000 |
| Charitable contributions | $ 2,000 |
| Total itemized deduction | $ 26,000 |
| Standard deduction available for MFJ | $ 24,400 |
| Greater of Itemized or standard deduction | $ 26,000 |
Hence, Claude and Thelma should take an advantage of itemized deduction.
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Claude is 45 years old and married to Thelma who is 43 years old
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